OKX, the second-largest offshore exchange, has announced its 19th Proof of Reserves (PoR). The captured data as of May 20, 2024 reveals a substantial asset reserve in both Bitcoin and Ethereum.
Significant Growth in OKX Bitcoin and Ethereum Holdings
According to the latest figures, OKX’s Bitcoin (BTC) reserves have reached 147,139, marking a 2.62% increase from the previous reserve of 143,378 on April 13. This indicates an acquisition of an additional 3,761 BTC over the past month.
Similarly, the exchange’s Ethereum (ETH) reserves have seen a notable rise. As of May 20, OKX holds 1,674,211 ETH, up from 1,635,194 in April. This represents a 2.39% increase, adding 39,017 ETH to its reserves.
The second largest offshore exchange OKX announced the 19th proof of asset reserves (snapshot date 5-20). The user’s BTC is 147k, an increase of 2.62%, the user’s ETH assets are 1.67 million, an increase of 39k ETH, the user’s USDT assets are 6.51 billion, an increase of 4.26%.… pic.twitter.com/b78Hsdjval
— Wu Blockchain (@WuBlockchain) May 29, 2024
Market watchers speculate that these accumulations may shore up its reserve ahead of the predicted bullish run for the two digital assets. This speculation is bolstered by Bernstein Analysts who predicted Bitcoin is on track to soar to $90,000 by year-end.
As per CoinMarketCap data, Bitcoin is trading at $67,930.63, down 0.98% while Ethereum is $3,814.91, down 2.44% in the past 24 hours.
Increases in USDT and USDC Reserves
Beyond BTC and ETH, OKX has also bolstered its reserves of USDT and USDC. The exchange’s USDT assets have grown to 6.51 billion, reflecting a 4.26% increase. However, the most significant growth was observed in its USDC reserves. OKX’s USDC holdings surged by 22.36%, adding 52,072,653 USDC, bringing the total to 284,932,821 USDC.
Although not captured in the OKX May asset reserve, the exchange has had major Shiba Inu tokens offloaded to it. In mid-May, Cumberland, a digital assets trading firm dropped over 210 billion SHIB within 24 hours on different exchanges including OKX.
Overall, industry experts believe these increases highlight OKX’s ongoing efforts to strengthen its asset reserves. It is also seen as a demonstration of the exchange’s robust growth and commitment to maintaining substantial crypto holdings.
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